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10-21-2008, 08:26 AM
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Junior Member
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Join Date: Oct 2008
2 posts, read 4,766 times
Reputation: 14
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Club at St Lucie West
We are looking in the area of St Lucie West and see many condos for sale, we realize the effect the housing downfall has played on the area. Just wondering what thoughts people of the area have on this particular area. Is this going to turn to an undesirable area or a good place to invest in a condo?
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10-21-2008, 08:54 AM
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In Limbo
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Join Date: Dec 2006
Location: Flamingo Park - West Palm Beach
6,226 posts, read 4,010,280 times
Reputation: 1669
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St. Lucie West is a good area. A friend of mine was also recently interested in investing in a condo at the Club in St. Lucie West, but found out the low low price was due to Mold. It's a newer development, only a few years old, and in a convenient location.
The Club is a condo conversion, however. Expect many renters amongst the owners. That always has a POTENTIAL for problems.
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11-03-2008, 08:14 AM
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Senior Member
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Join Date: Nov 2007
Location: Tradition, Port St. Lucie, Fla
496 posts, read 344,124 times
Reputation: 106
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God help you don't invest in The Club at St Lucie West!!! I don't even know if you could get financing right now for any condo.
Yes, it is a condo conversion and many of the people who live there are tenants, not owners.
St Lucie West is a good area in general, but "potential" is more than a maybe for problems at The Club. I'd rather see you look for a home in a developement than a condo any day.
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11-03-2008, 09:56 AM
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In Limbo
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Join Date: Dec 2006
Location: Flamingo Park - West Palm Beach
6,226 posts, read 4,010,280 times
Reputation: 1669
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Quote:
Originally Posted by FlaLadyB
God help you don't invest in The Club at St Lucie West!!! I don't even know if you could get financing right now for any condo.
Yes, it is a condo conversion and many of the people who live there are tenants, not owners.
St Lucie West is a good area in general, but "potential" is more than a maybe for problems at The Club. I'd rather see you look for a home in a developement than a condo any day.
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Can you be more specific? My friend is insistent on looking at the Club at St. Lucie West for a cheap condo to buy and hold on to, and if you have specifics as to why that's a bad idea, please let me know (PM me if you must).
She bought a 2/2 at Midport in Eastern PSL back in 2000 or so, for about 45 or 50k.... she sold at the top of the bubble for well over a hundred, and thinks it's time to look again in the area. She won't need FHA financing. |
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11-06-2008, 07:54 AM
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Senior Member
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Join Date: Nov 2007
Location: Tradition, Port St. Lucie, Fla
496 posts, read 344,124 times
Reputation: 106
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Pm'd you....
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11-11-2008, 07:55 PM
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Junior Member
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Join Date: Nov 2008
3 posts, read 11,226 times
Reputation: 10
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Please let me know your feelings about the Club at St. Lucie West. I am looking at several bank owned condos in there for between 50k and 60k. I have cash so financing is not an issue. I am told that I can rent it for 850 a month. I see nothing but upside here so your observations would be invaluable.
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11-12-2008, 08:00 AM
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Senior Member
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Join Date: Nov 2007
Location: Tradition, Port St. Lucie, Fla
496 posts, read 344,124 times
Reputation: 106
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At the moment there are 27 on the market for sale. In the last 6 months there have been 4 sales, ALL bank owned - sold prices of $49, $67, $69 and $87. These are the ones listed on the MLS. I am sure there are others that aren't.
Yes you can rent them for $850 a month since there isn't much, if anything, available for that price except maybe in the Belmont - also located along SLW Blvd. You also get the tenants that $850 a month brings. Your decision.
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11-12-2008, 09:11 AM
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Junior Member
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Join Date: Nov 2008
3 posts, read 11,226 times
Reputation: 10
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Many thanks for your info! Seems like many people bought these condos at very high prices- over 200k and now are walking away from them. I spoke to the condo association and I believe they are financially hurting- they are paying their bills but obviously have lost monthly revenue because of the defaults. Likely they have no reserve. Until they turn these around and the banks pay them back HOA fees, they are likely to be in tough shape. I think only the bank owned properties are selling because the short sale process is so difficult; but maybe now the banks will be more willing to act on these short sales to cut their losses...do you see the same type of situation at the belmont? Sounds like you feel at 850 the quality of tenants is not very good...
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11-13-2008, 09:12 AM
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Junior Member
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Join Date: Nov 2008
3 posts, read 11,226 times
Reputation: 10
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Port St. Lucie has available for download all the police reports for any period of time you wish to designate. You can search by section of the city. I did a search on crime for the st. lucie west area and found that in the past two years, there were 14 police reports in The Club at St. Lucie West. Burglary, vandalism, car theft and one case of rape. On average, the police are in The Club every other month. You can get crime info on any neighborhood in Port St. Lucie by going to this link:
" + theTitle + "
As I said, there is an option to download all the stats to excel where you can then sort by street address. That is how I found the info on The Club. What I saw convinced me this was not the type of community I wanted to invest my dollars in... |
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11-13-2008, 11:09 AM
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Senior Member
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Join Date: Nov 2007
Location: Tradition, Port St. Lucie, Fla
496 posts, read 344,124 times
Reputation: 106
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Quote:
Originally Posted by advisor1
Port St. Lucie has available for download all the police reports for any period of time you wish to designate. You can search by section of the city. I did a search on crime for the st. lucie west area and found that in the past two years, there were 14 police reports in The Club at St. Lucie West. Burglary, vandalism, car theft and one case of rape. On average, the police are in The Club every other month. You can get crime info on any neighborhood in Port St. Lucie by going to this link:
" + theTitle + "
As I said, there is an option to download all the stats to excel where you can then sort by street address. That is how I found the info on The Club. What I saw convinced me this was not the type of community I wanted to invest my dollars in... |
Glad you found that and I didn't have to be the one to tell you. Add drugs to the list from what I have been told by people who actually live there. |
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